Compensation Arrangement for Eric Herr as Chairman of the Board
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
This agreement outlines the compensation for Eric Herr in his role as Chairman of the Board. He will receive $37,500 per quarter, with the option to take this as restricted stock grants subject to vesting. Additionally, he will receive a one-time stock option grant for 25,000 shares, vesting after one year, and may receive another option for 6,000 shares after the 2007 annual meeting, also vesting after one year. He will not receive extra cash for attending board meetings.
EX-10.2 2 f29918exv10w2.htm EXHIBIT 10.2 exv10w2
Exhibit 10.2
DESCRIPTION OF COMPENSATION ARRANGEMENT WITH ERIC HERR
In his role as Chairman of the Board, Eric Herr will receive cash compensation of $37,500 per quarter. Mr. Herr may elect to receive up to 100% of such payments in the form of restricted stock grants, which are subject to vesting restrictions that lapse over time. In addition, Mr. Herr will receive a one-time grant of an option to purchase 25,000 shares of Class A common stock, which vests as to all of the shares on the first anniversary of the date of grant and Mr. Herr remains eligible to receive an automatic option as of the date of the 2007 annual meeting of stockholders to purchase 6,000 shares of Class A common stock, which vests as to all of the shares on the first anniversary of the date of grant. Mr. Herr does not receive cash compensation for attending meetings of the Board of Directors.
